The Hartford Announces Its Policy On Insuring, Investing In Coal, Tar Sands
December 20 2019 - 2:00PM
Business Wire
The Hartford announced its policy on insuring and investing in
coal and tar sands. The company will no longer insure or invest in
companies that generate more than 25 percent of their revenues from
thermal coal mining or more than 25 percent of their energy
production from coal. In addition, the company will also stop
insuring and investing in companies that generate more than 25
percent of their revenues directly from the extraction of oil from
tar sands.
“The world needs affordable, accessible energy to support global
economic progress and, at the same time, action is needed to
mitigate the impact such activity has on our climate,” said The
Hartford’s Chairman and CEO Christopher Swift. “Extreme weather
affects people’s lives and businesses – and the risks are getting
worse. As an insurer and asset manager we recognize the growing
cost of this crisis, and we’re determined to use our resources and
influence to address the challenge. That’s why we have taken a
position on coal and tar sands.”
The policy parameters include:
- No new underwriting of or investments in the construction and
operation of new coal-fired plants;
- No new underwriting of or investments in companies that
generate more than 25 percent of their revenues from thermal coal
mining or more than 25 percent of their energy production from
coal;
- No new underwriting of or investments in companies that
generate more than 25 percent of their revenues directly from the
extraction of oil from tar sands;
- Phase out existing underwriting relationships and divest
publicly traded investments which exceed the threshold by 2023;
and
- Exceptions for business lines that cover employees, such as
disability, life and other voluntary products offered by our Group
Benefits division – where we are providing protection to
people.
About The Hartford
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter at
@TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Connecticut. For
additional details, please read The Hartford’s legal notice.
HIG-C
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our 2018 Annual Report on
Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission.
We assume no obligation to update this release, which speaks as of
the date issued.
From time to time, The Hartford may use its website and/or
social media outlets, such as Twitter and Facebook, to disseminate
material company information. Financial and other important
information regarding The Hartford is routinely accessible through
and posted on our website at https://ir.thehartford.com, Twitter
account at www.twitter.com/TheHartford_PR and Facebook at
https://facebook.com/thehartford. In addition, you may
automatically receive email alerts and other information about The
Hartford when you enroll your email address by visiting the “Email
Alerts” section at https://ir.thehartford.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005515/en/
Media Contacts: Michelle Loxton 860-280-6763
michelle.loxton@thehartford.com Matthew Sturdevant 860-547-8664
matthew.sturdevant@thehartford.com Investor Contact: Susan
Spivak Bernstein 860-547-6233 susan.spivak@thehartford.com
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